The Reimbursement Process Begins for Victims of Real Estate Fraud

By Sandy Flores

Special to Excelsior

To help Spanish-speaking consumers to recover money lost in mortgage fraud scams promise to stop foreclosure or obtain mortgage loan modifications executions, the Federal Trade Commission is sending by mail claim forms to be submitted not later than January 14, 2013. According to the judgment obtained in November 2010, as part of the continuing efforts of the FTC to protect consumers in financial difficulties.

 The Federal Trade Commission is the Consumer Protection Agency’s Office, and its main functions is to sue companies that make misleading claims about their products or services.

As a result of these demands, consumers could receive rebates corresponding affected as a result of purchasing a product or service. It is important to familiarize yourself and learn this process. The FTC does not ask for money to the consumer for these services. If someone claims to be from the FTC and asks for money is a scam.

The amount of refund will depend on the monetary amount awarded as a result of claims based on court orders of restitution. Now it is important to know that the FTC has contracts with private companies to help with the process of repayment. Here are four companies: RustConsulting, Inc.; EPiqSystems; BMC Group (formally Analytics, Inc.) and Gilardi & Co., LLC.

To file a complaint of unfair or deceptive trade practices, you should use the complaint form online or call the FTC help line, 1-877-FTC-HELP (1-877-382-4357). You can also file a complaint with the Attorney General of the state.

For information on how to avoid such scams, see the FTC publications for homeowners, scams foreclosure rescue, and what to do if your mortgage payments make it shake, that can request and offer free.

The goal of FTC is to prevent fraudulent, deceptive and unfair business practices by promoting the information necessary for consumers to spot, stop and avoid them. The FTC enters consumer complaints into a secure database called Consumer Sentinel Network (ConsumerSentinel), which is used by more than 2,000 enforcement agencies civil and criminal in the United States and foreign laws.

Here are some of the most common promises that characterize foreclosure rescue scams:

They promise to immediately stop foreclosure and promise to modify your loan.

They guarantee to save your home, with 97 percent of successful results.

We request payment for advance fees, in many cases cash without a receipt.

We advise you to stop paying your mortgage administrator, to meet your request for loan modification.

This all looks and sounds very nice and even looks official, but it is NOT. There are companies that are posing as the legitimate government agencies and service providers, but are an imitation.

Learn to spot the warning signs not to fall victim of mortgage fraud.

Here is the information, some of the most recent cases that have occurred as a result of irregular practices in investigations by the Federal Trade Commission:

 Financial Dynamics , in November 2012 FTC Initiates reimbursement for mortgage fraud homeowners by Financial Dynamics company. To request a refund if you were affected, you can call 1 (877) 281-5622. Contractor: Gilardi & Co., LLC
Countrywide Home Loans, Inc. , FTC in November 2012 returned about $ 108 million to 450,000 homeowners who were charged fees for services are higher mortgage loan by the company CountrywideHome Loans, Inc. To request a refund if you was affected, you can call 1 (888) 230-3196. Contractor: Gilardi & Co., LLC
Luebke Baker & Associates in September 2012 FTC reimbursed the amount of approximately $ 11.000, to consumers who paid upfront fees to the company Luebke Baker & Associates, supposed to fix credit reports. To request a refund if you were affected, you can call 1 (866) 332-8795. Contractor: BMC Group.
Remember that there are government agencies and non-profit agencies that provide free services to advise homeowners who are facing financial difficulties. These agencies are certified under the HUD (HousingUrbanDevelopment) and offer all types of counseling, from modify or refinance your loan, to how to avoid foreclosure.

 The Internet page of the Department of Housing and Urban Development (HUD) is: www.hud.govor call (800) 569-4287.La Protection Foundation Homeownership, visiting the page Internet: www.995hope.org , or by calling (888) 995-HOPE. You can visit the website: www.juntosenlalucha.com

Know what you sign and get all promises and agreements in writing. Do not sign blank documents. Note that, in general, verbal promises and agreements relating to your home are not backed by law. Protect your rights to a document or contract signed by the person who is providing services, and keep copies.

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